La-Z-Boy Incorporated (NYSE:LZB) Increases Dividend to $0.22 Per Share

La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Thursday, December 5th will be given a dividend of 0.22 per share on Monday, December 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Thursday, December 5th. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.20.

La-Z-Boy has raised its dividend payment by an average of 28.6% annually over the last three years. La-Z-Boy has a dividend payout ratio of 23.7% meaning its dividend is sufficiently covered by earnings. Analysts expect La-Z-Boy to earn $3.30 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 24.2%.

La-Z-Boy Trading Up 1.1 %

Shares of LZB stock opened at $42.77 on Thursday. The company’s fifty day simple moving average is $41.18 and its 200-day simple moving average is $39.60. The company has a market cap of $1.79 billion, a PE ratio of 14.80 and a beta of 1.29. La-Z-Boy has a 52 week low of $30.76 and a 52 week high of $45.23.

La-Z-Boy (NYSE:LZB) last posted its earnings results on Tuesday, August 20th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $495.50 million for the quarter, compared to analysts’ expectations of $482.23 million. La-Z-Boy had a net margin of 6.00% and a return on equity of 12.60%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 earnings per share. Equities research analysts expect that La-Z-Boy will post 2.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Wednesday, August 21st.

Insider Activity

In other La-Z-Boy news, Director Janet Kerr sold 3,890 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total transaction of $159,062.10. Following the sale, the director now directly owns 3,372 shares of the company’s stock, valued at approximately $137,881.08. This represents a 53.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jennifer Lynn Mccurry sold 4,414 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $41.31, for a total transaction of $182,342.34. Following the sale, the chief accounting officer now directly owns 13,236 shares of the company’s stock, valued at approximately $546,779.16. This represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

About La-Z-Boy

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.